Research On The Efficiency Of Financial Support For Brown Industry In My Country And Its Influencing Factor

It is of great significance for the sustainable development of Chinese economy and the realization of carbon peak and carbon neutrality to change the current production mode of high consumption,high pollution and high emission in the brown industry under the background of carbon neutrality.Finance is closely related to industrial development.Therefore,it is necessary to objectively evaluate the financial support efficiency of the brown industry and its influencing factors,so as to explore the path of improving its financial efficiency and promote the brown industry to take the road of green development.Therefore,on the basis of clarifying the relevant concepts and theoretical basis,this paper analyzes the current situation of brown industry development and financial support.Introduce environmental protection investment as a financial input,introduce green patents and environmental taxes to describe the environmental benefits of enterprises,and build a financial support system for brown industry.Then,115 brown companies were selected as research samples,and the sample interval was 2012-2021.The DEA-Malmquist method was used to measure the overall efficiency and regional efficiency of financial support in the brown industry from both static and dynamic levels.Taking the comprehensive efficiency of financial support as the explained variable,the DEA-Tobit model is used to analyze the effects and regional differences of various influencing factors of the green development efficiency of financial support enterprises.Finally,according to the previous research,relevant conclusions and suggestions are given.The main research conclusions are as follows:（1）The average value of financial support efficiency of brown industry in 2012-2021 is 0.683,which does not reach the optimal state,and is mainly affected by pure technical efficiency and scale efficiency.The comprehensive efficiency of each region is:West（0.858）>Central Region（0.822）>East（0.763）,the difference between the regions is relatively large,and the utilization efficiency of financial resources is low.（2）The average value of Malmquist index is 1.027,and the overall average increase is2.7%.The main driving force is the increase of technological progress index,and the comprehensive efficiency has a hindrance.The Malmquist index is East（2.004）>West（1.149）>Central Region（0.804）.The average annual growth rates in the eastern and western regions were 200%and 115%,respectively,and the average annual growth rate in the central region was-19.6%.（3）The regression results of each influencing factor show that the company size,ownership structure,growth ability,M₂and marketization degree are significantly positively correlated with the comprehensive efficiency,and the coefficients are0.017,0.003,0.051,0.004 and 0.017 respectively.The company age,property rights,and air quality index were significantly negatively correlated with the comprehensive efficiency,with coefficients of-0.005,-0.056,and-0.011,respectively.The significant influencing factor in all three regions is the ownership structure,but the degree of influence is small.This paper puts forward the following policy recommendation:developing transformation finance and expanding investment in green transformation of traditional industries.Brown enterprises should actively change the development mode and disclose environmental information.Promote precise financial supervision and clarify green financial standards and investment.